东方电缆（ [Table_StockNameRptType] 603606） 公司点评 25Q3 高毛利海缆出货增长，带动季度业绩提升 | | | 报告日期： 2025-11-18 | [Table_BaseData] 收盘价（元） | 62.48 | | --- | --- | | 近 12 个月最高/最低（元） | 73.94/45.22 | | 总股本（百万股） | 688 | | 流通股本（百万股） | 688 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 430 | | 流通市值（亿元） | 430 | [公司价格与沪深 Table_Chart] 300 走势比较 -29% -12% 6% 23% 40% 11/24 2/25 5/25 8/25 东方电缆 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：王璐 执业证书号：S0010525040001 邮箱：wanglu1@hazq.com 主要观点： ⚫[Table_Summary] 2025 前三季度实现归母净利 ...

Company Overview - XinFengGuang Electronic Technology Co., Ltd. is located in Wenshang County, Shandong Province, and was established on August 10, 2004. The company was listed on April 13, 2021. Its main business involves the research, development, production, sales, and service of high-power electric energy-saving control technology and related products [1]. Financial Performance - For the period from January to September 2025, XinFengGuang achieved operating revenue of 1.217 billion yuan, representing a year-on-year growth of 9.78%. However, the net profit attributable to shareholders decreased by 30.37% to 83.03 million yuan [2]. - As of September 30, the number of shareholders was 7,165, a decrease of 1.23% from the previous period. The average circulating shares per person increased by 1.24% to 19,732 shares [2]. Stock Performance - On November 18, XinFengGuang's stock price fell by 2.02%, trading at 42.22 yuan per share, with a total transaction volume of 16.6486 million yuan and a turnover rate of 0.27%. The total market capitalization is 5.969 billion yuan [1]. - Year-to-date, the stock price has increased by 99.91%. Over the last five trading days, it has decreased by 2.94%, while it has increased by 4.38% over the last 20 days and by 23.20% over the last 60 days [1]. Revenue Composition - The revenue composition of XinFengGuang is as follows: 48.09% from power quality monitoring and governance, 27.37% from motor drive and control, 14.05% from energy storage systems, 4.13% from intelligent control equipment for coal mines, 4.01% from other sources, 1.67% from high-end converters, and 0.68% from supplementary sources [1]. Dividend Distribution - Since its A-share listing, XinFengGuang has distributed a total of 307 million yuan in dividends, with 209 million yuan distributed over the past three years [3].

Core Viewpoint - Sichuan Xichang Electric Power Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable decline in recent trading days, while showing a year-to-date increase in stock price [1][2]. Company Overview - Sichuan Xichang Electric Power was established on June 18, 1994, and listed on May 30, 2002. The company is primarily engaged in the production and development of electric power products and related equipment [2]. - The main business revenue composition includes hydropower industry (95.98%), photovoltaic new energy (1.73%), electric power engineering (1.54%), and others [2]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 1.147 billion yuan, representing a year-on-year growth of 9.04%. The net profit attributable to the parent company was 12.3594 million yuan, showing a significant year-on-year increase of 149.66% [2]. - The company has distributed a total of 250 million yuan in dividends since its A-share listing, with 25.5197 million yuan distributed in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders was 48,300, a decrease of 18.33% from the previous period. The average circulating shares per person increased by 22.44% to 7,543 shares [2]. - The top ten circulating shareholders include a new shareholder, Western Benefit Central Enterprise Preferred Stock A, holding 470,600 shares [3]. Market Activity - The stock price of Xichang Electric Power has increased by 11.26% year-to-date, but it has seen declines of 5.95% over the last five trading days, 2.47% over the last 20 days, and 6.34% over the last 60 days [1]. - The company has appeared on the trading leaderboard five times this year, with the most recent appearance on May 23, where it recorded a net buy of -93.9295 million yuan [1].

证券日报网讯中际联合（605305）11月17日在互动平台回答投资者提问时表示，公司产品既可以应用在 固定式海上风电项目，也可以应用在漂浮式海上风电项目。从产品类别上来看，公司应用到海上风电的 产品除了升降机、防坠落系统等产品外，还有海上平台吊机、密封型速差器等产品，品类比陆上风电更 多；从单价来看，海上环境比陆上更加恶劣，应用在海上风机的升降产品总体要求高于安装在陆上风机 的产品，产品单价相对会高一些。 ...

Core Insights - The stock price of Sunshine Power has seen a year-to-date increase of 152.41%, but has recently declined by 6.56% over the past five trading days [2] - The company reported a revenue of 664.02 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 32.95% [3] - Sunshine Power's net profit attributable to shareholders reached 118.81 billion yuan, marking a year-on-year increase of 56.34% [3] Stock Performance - As of November 17, Sunshine Power's stock was down 2.01%, trading at 181.28 yuan per share with a total market capitalization of 375.83 billion yuan [1] - The stock has experienced a trading volume of 80.98 billion yuan, with a turnover rate of 2.77% [1] - The net outflow of main funds was 10.06 billion yuan, with significant buying and selling activity recorded [1] Shareholder Information - As of September 30, the number of shareholders increased to 235,500, a rise of 31.08% [3] - The average number of circulating shares per shareholder decreased by 23.71% to 6,748 shares [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [4] Business Overview - Sunshine Power specializes in the research, production, sales, and service of renewable energy equipment, including solar, wind, and energy storage systems [2] - The company's revenue composition includes 40.89% from energy storage systems, 35.21% from photovoltaic inverters, and 19.29% from new energy investment and development [2] - The company has been listed on the stock market since November 2, 2011, and is based in Hefei, Anhui Province [2]

Company Overview - XinFengGuang Electronic Technology Co., Ltd. is located in Wenshang County, Shandong Province, and was established on August 10, 2004. The company was listed on April 13, 2021. Its main business involves the research, development, production, sales, and service of high-power power electronic energy-saving control technology and related products [1]. Financial Performance - For the period from January to September 2025, XinFengGuang achieved operating revenue of 1.217 billion yuan, representing a year-on-year growth of 9.78%. However, the net profit attributable to the parent company was 83.03 million yuan, which reflects a year-on-year decrease of 30.37% [2]. - As of September 30, the number of shareholders for XinFengGuang was 7,165, a decrease of 1.23% compared to the previous period. The average circulating shares per person increased by 1.24% to 19,732 shares [2]. Stock Performance - On November 17, XinFengGuang's stock price decreased by 2.07%, trading at 42.50 yuan per share, with a total transaction volume of 38.74 million yuan and a turnover rate of 0.64%. The total market capitalization stood at 6.009 billion yuan [1]. - Year-to-date, XinFengGuang's stock price has increased by 101.24%. However, in the last five trading days, it has declined by 6.55%, while it has increased by 4.65% over the last 20 days and by 33.35% over the last 60 days [1]. Revenue Composition - The revenue composition of XinFengGuang is as follows: - Power quality monitoring and governance: 48.09% - Motor drive and control: 27.37% - Energy storage systems: 14.05% - Intelligent control equipment for coal mines: 4.13% - Others: 6.45% (including high-end converters and supplementary items) [1]. Dividend Distribution - Since its A-share listing, XinFengGuang has distributed a total of 307 million yuan in dividends. Over the past three years, the cumulative dividend payout has been 209 million yuan [3].

11月17日，远达环保盘中下跌2.07%，截至09:58，报13.71元/股，成交1.44亿元，换手率1.33%，总市值 600.53亿元。 资金流向方面，主力资金净流出1135.50万元，特大单买入1017.55万元，占比7.07%，卖出1427.30万 元，占比9.91%；大单买入2570.99万元，占比17.86%，卖出3296.74万元，占比22.90%。 远达环保今年以来股价涨5.54%，近5个交易日跌17.41%，近20日涨13.68%，近60日涨10.48%。 今年以来远达环保已经4次登上龙虎榜，最近一次登上龙虎榜为11月11日，当日龙虎榜净买入-1.40亿 元；买入总计2.26亿元 ，占总成交额比12.76%；卖出总计3.66亿元 ，占总成交额比20.70%。 资料显示，国家电投集团远达环保股份有限公司位于重庆市两江新区黄环北路10号1栋，成立日期1994 年6月30日，上市日期2000年11月1日，公司主营业务涉及能源生态融合业务,涵盖大气治理、工业及市 政水处理、固危废处理、矿山及土壤修复、"新能源+生态治理"等。主营业务收入构成为：脱硫脱硝 57.93%，环保工程18.66%，催化剂销售 ...

11月17日，福能股份盘中下跌2.01%，截至09:39，报10.25元/股，成交3966.98万元，换手率0.14%，总 市值284.96亿元。 资金流向方面，主力资金净流出151.87万元，特大单买入123.70万元，占比3.12%，卖出0.00元，占比 0.00%；大单买入418.13万元，占比10.54%，卖出693.70万元，占比17.49%。 福能股份今年以来股价涨6.92%，近5个交易日跌2.38%，近20日涨5.34%，近60日涨6.36%。 资料显示，福建福能股份有限公司位于福建省福州市晋安区塔头路396号福建能源石化大厦17层，成立 日期1994年1月11日，上市日期2004年5月31日，公司主营业务涉及电力、热力生产和供应。主营业务收 入构成为：电力分部94.87%，纺织分部5.23%。 福能股份所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：碳中和、能源互联、风 能、海上风电、太阳能等。 截至9月30日，福能股份股东户数3.77万，较上期增加15.91%；人均流通股73757股，较上期减少 13.73%。2025年1月-9月，福能股份实现营业收入100.35亿元，同比减 ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable [1] Core Views - The company reported a revenue of 7.498 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 11.93%, while the net profit attributable to the parent company was 914 million yuan, down 1.95% year-on-year [6] - The acceleration in the delivery of submarine cables has led to a release of earnings elasticity, with revenue from submarine and high-voltage cables reaching 3.55 billion yuan in Q3, a year-on-year increase of 35.8% [6] - The company has a strong order backlog of approximately 19.551 billion yuan, indicating a solid foundation for sustained performance growth [6] Financial Data and Profit Forecast - Total revenue is projected to reach 11.15 billion yuan in 2025, with a year-on-year growth rate of 22.6% [5] - The net profit attributable to the parent company is expected to be 1.428 billion yuan in 2025, representing a significant increase of 41.6% compared to the previous year [5] - Earnings per share (EPS) is forecasted to be 2.08 yuan in 2025, with a price-to-earnings (PE) ratio of 29 [5][6]

Core Viewpoint - Oriental Tower's stock price has seen significant fluctuations, with a year-to-date increase of 149.63%, but a recent decline of 2.04% on November 14 [1] Company Overview - Qingdao Oriental Tower Co., Ltd. was established on August 1, 1996, and listed on February 11, 2011. The company specializes in the research, design, production, sales, and installation of steel structures and tower products [1] - The main business revenue composition includes potassium chloride (65.07%), angle steel towers (16.09%), steel structures (11.72%), steel pipe towers (4.63%), sodium bromide (1.73%), and other segments [1] Financial Performance - For the period from January to September 2025, Oriental Tower achieved operating revenue of 3.392 billion yuan, a year-on-year increase of 9.05%, and a net profit attributable to shareholders of 828 million yuan, reflecting a year-on-year growth of 77.57% [2] - Cumulatively, the company has distributed 2.614 billion yuan in dividends since its A-share listing, with 1.257 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders is 20,400, a decrease of 10.29% from the previous period, with an average of 55,351 circulating shares per shareholder, an increase of 11.48% [2] - Notable shareholders include GF Value Core Mixed A, which is the fourth-largest shareholder with 22.3743 million shares, and Hong Kong Central Clearing Limited, which is the ninth-largest shareholder with 10.7215 million shares, having decreased its holdings by 3.8382 million shares [3]